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The Securities and Exchange Commission today (Aug. 20) obtained a federal court order halting an alleged securities fraud orchestrated by Mohit A. Khanna of San Diego. Khanna claims to have raised $70 million from 300 investors through MAK 1 Enterprises Group, LLC. Investors were told that their money would go into commercial paper and foreign currency trading products. Supposedly the investor accounts were government-insured. In fact, those investment products did not exist, says the SEC. Khanna used the investor funds to pay for several luxury cars and residential properties. In 2004, Khanna was barred by the Financial Industry Regulatory Authority.
The Securities and Exchange Commission today (Aug. 20) obtained a federal court order halting an alleged securities fraud orchestrated by Mohit A. Khanna of San Diego. Khanna claims to have raised $70 million from 300 investors through MAK 1 Enterprises Group, LLC. Investors were told that their money would go into commercial paper and foreign currency trading products. Supposedly the investor accounts were government-insured. In fact, those investment products did not exist, says the SEC. Khanna used the investor funds to pay for several luxury cars and residential properties. In 2004, Khanna was barred by the Financial Industry Regulatory Authority.